We welcome the Decision Making Committee’s (DMC) decision today to approve our Marine Consent to recover and export iron sands offshore in the South Taranaki Bight (STB).

The Environmental Protection Authority’s (EPA) DMC decision is the first approval for a mining proposal in New Zealand’s extensive offshore Exclusive Economic Zone under the EEZ Act 2012.

TTR delivered and presented a comprehensive evaluation of the potential environmental effects supported by highly qualified international and local experts in marine ecology. We believe that this, together with a full set of agreed operating conditions, enabled the DMC to grant the Marine Consent.

On 23 August 2016, TTR lodged the application with the EPA. After public notification and receipt of a large number of submissions the Hearing commenced on 16 February 2017 in Wellington, and after 27 days of hearings including 4 days in New Plymouth, the Hearing formally closed on 31 May 2017.

TTR understands the time taken for the DMC to deliver the decision is not without precedent, reflects the need to document fully their reasons for the decision and deal fairly with an unusually high number of public submissions on a wide range of complex issues.

It should be acknowledged that TTR has undertaken extensive marine environmental work in the STB and as a result of TTR’s research the STB is now regarded as the most studied and documented area of ocean floor and marine environment around New Zealand.

The TTR management team, experts and advisers are to be congratulated on their professional approach and expertise in delivering the comprehensive application and supporting information.

The grant of TTR’s Marine Consent is an important step for mining developments and investment in New Zealand resources and this consent will facilitate development of a new low impact sustainable export industry for the country.

The TTR operation will introduce new jobs, a range of professions and skills, training facilities and technology along with substantial economic benefits for Taranaki and New Zealand.

TTR’s Board and management team are now focussed on moving forward to develop the project by building and commissioning the IMV, support vessels and infrastructure with the first iron ore shipments anticipated to commence in 2020.